Chad,
You can set this in the WD.ENV file. Here is what my ENV looks like.
************************************************************************************
* Project and drawing-related paths and settings
************************************************************************************
WD_PROJ,v:/proj/,WD default project data
WD_PICKPRJDLG,v:/proj/,to override starting subdir for "PICK PROJ" button
In my case, "V" is a network drive so that all of our drafters have access to all of the projects. Any time we start a new project or copy an existing one, ACE points to V:\PROJ as the starting point. This path is also in our File Support Search Path under "Options".
Martin